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Apple tops 1Q profit forecasts

CUPERTINO, Calif. – CUPERTINO, Calif. (AP) _ Apple Inc. (AAPL) on Tuesday reported fiscal first-quarter earnings of $18.36 billion.

The Cupertino, California-based company said it had net income of $3.28 per share.

The results surpassed Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was for earnings of $3.24 per share.

The maker of iPhones, iPads and other products posted revenue of $75.87 billion in the period, falling short of Street forecasts. Eleven analysts surveyed by Zacks expected $76.41 billion.

For the current quarter ending in April, Apple said it expects revenue in the range of $50 billion to $53 billion. Analysts surveyed by Zacks had expected revenue of $55.4 billion.

Apple shares have dropped 5 per cent since the beginning of the year, while the Standard & Poor’s 500 index has declined nearly 7 per cent. In the final minutes of trading on Tuesday, shares hit $99.99, a decline of 12 per cent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AAPL at http://www.zacks.com/ap/AAPL

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Keywords: Apple, Earnings Report, Priority Earnings